(From left) LG Uplus Vice President Choung Hye-youn, actor Son Suk-ku and LG Uplus Executive Vice President Chung Sue-hyun introduce LG Uplus’ new subscription platform service. (LG Uplus)
LG Uplus has launched a new subscription platform service that offers more convenient access, cheaper bundle deals and a simpler cancellation process in order to maximize customized experiences for its users, the South Korean mobile carrier said Thursday.
The new subscription service‘s name, Udok, is a combination of Uplus and the latter part of the Korean word “gudok” meaning subscription.
“Udok has three differentiating factors. First, it does not require contracts. We solved the inconvenience of having to pay a certain amount of money every month to maintain a subscription,” said Chung Sue-hyun, LG Uplus’ executive vice president, in a press conference.
“Second, it offers very convenient sign-up and cancellation (processes). Third, there are lots of discounts as it includes (streaming) services such as Netflix, Disney+ and Tving, as well as Interpark, Olive Young and SSG.”
LG Uplus said users can receive discount rates of up to 50 percent per month. The company took the example of users being able to benefit from a 25 percent monthly discount rate if they subscribe to YouTube Premium and Yogiyo, a local food delivery service, together.
According to LG Uplus, there are currently 31 subscription services covering a wide range of sectors including video streaming, food delivery, car rental, education, cleaning and shopping. The company plans to expand the number to 100 by the end of this year. There are no additional fees for using the subscription platform service
The telecommunications service provider also laid out the goal of having 10 million users by 2025. Although the new subscription platform service is currently available for LG Uplus mobile users only, the company said it will make the service available for customers using other mobile carriers by the end of the year.
According to research by the Korea International Trade Association, 76.3 percent of Koreans experienced subscription-based services in 2020. SK Telecom, another South Korean telecommunications carrier, forecast South Korea’s subscription market size to reach 100 trillion won ($76 billion) by 2025.
By Kan Hyeong-woo (email@example.com